Postive news articles abound today following the release of Royal Lepage’s Fourth Quarter Market Trends report today. Major highlights from the report include:
- Project 5.2% increase in housing prices across Greater Vancouver in ‘18
- Greater Vancouver condos increased in price by an average of 20.2%
- Condos within City of Vancouver up 18.7%
- British Columbia is leading province in economic performance.
Our nations going the way of the condo.
I’ve remarked about this with clients, friends and family, as the condo market consistently outpaced detached housing throughout this past year. There is a number of contributing factors to this phenomena but there are certainly no clear signs of this changing any time soon.
Economic forces are the driver.
I found this to be a very interesting and timely point. We’ve seen over the past number of years that the government has taken steps designed to keep the Canadians from over-extending themselves w/ mortgages and to keep the hottest real estate markets from over-heating.However, at the end of the day our market is driven by forces much bigger and wide ranging than we can control. Canada is a great and safe place to call home, our region is adding jobs, the population is growing. These forces along with the availability of housing will be what drive values.
Where’s all the demand coming from?
I’ve certainly noticed these trends in our market. For the average Vancouverite not immersed in the market on a day-to-day basis two of these three demographic categories may come as a surprise.
Our regions economy is very strong.
The strength of our economy is not only bringing more people into the market which increases the amount of deman for housing. It’s also making our region more and more attractive to outside investment. Therefor homeowners can rest assure their property values are safe in the near term. If you’d like to read over the complete report yourself you may find it here: